The global clinical laboratory
testing market is expected to reach USD 198.5 billion by 2024. Introduction of
innovative solutions on the grounds of maximum efficiency and minimum error is
expected to serve this market as a high impact-rendering driver.
Integrated workflow management
systems, database management tools and patient test records are becoming
increasingly important in the healthcare industry with companies processing as
many as 100 to 150 billion samples per year.
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Development and implementation of
various informatics and data management solutions for performing seamless
operations is expected to drive the growth of this market. Availability of technologically
advanced products such as chemistry analyzers with high yield, low maintenance
and, ease of usage has heightened the demand for early disease detection.
Increasing prevalence of chronic
diseases and the consequent need to curb healthcare expenditure is also
expected to drive market growth by increasing the demand for early and regular
disease diagnosis. Moreover, presence of favorable reimbursement policies and
availability of CLIA waived test is anticipated to increase base of target
population.
Further Key Findings from the Study Suggest:
The basic metabolic panel segment
dominated the clinical laboratory test market in 2015 mainly due to high
acceptance rate of this panel of tests
Liver panel is estimated to witness
highest growth for liver cirrhosis testing owing to high rate of alcohol
consumption
Increasing demand for testing of
blood lipid levels in cardiovascular and diabetes patients is anticipated to
attribute towards significant growth of liver panel over the forecast period.
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Extensive support of manpower and established
infrastructure are the main factors attributing to largest share of central
laboratories
North America is the most developed
clinical laboratory tests market due to factors such as high awareness levels,
rising prevalence of cardiovascular disorders, and high market penetration of
technologically advanced diagnostic techniques
Asia Pacific is anticipated to
witness significant growth over 9% during the forecast period with presence of
huge untapped opportunities, increasing base of target population, and positive
economic growth.
Some of the key companies are Quest
Diagnostics, Millipore Sigma, LabCorp, and Genoptix Medical Laboratory
Strategic initiatives implemented by
key players to maintain market position include merger and acquisition of small
players and development of cost effective clinical tests.
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